Group 1 - The U.S. Treasury Secretary, Yellen, questions the Federal Reserve's interest rate decisions, suggesting that the current two-year Treasury yield indicates that the Fed's benchmark rate is "too high" [2] - The current target range for the Federal Funds rate is between 4.25% and 4.5%, while the two-year Treasury yield is approximately 3.76% [2] - Yellen hints at the possibility of filling two vacancies on the Federal Reserve Board next year, despite Jerome Powell's term as a governor lasting until 2028 [2] Group 2 - The Treasury has been using special accounting measures to pay federal obligations within the statutory limit since January, and once the tax and spending bill is signed into law, it is expected that the Treasury will increase the issuance of U.S. debt to replenish its cash reserves [3] - Yellen indicates that the debt management process is systematic but will consider unexpected circumstances, particularly in light of the two-year Treasury yield suggesting high overnight rates [3] - The next quarterly refinancing operation is scheduled for July 30, which typically announces adjustments to the issuance strategy [3]

Group 1 - The central bank of Tanzania has lowered the benchmark interest rate from 6% to 5.75% [1]

《行动方案》从优化基金运营模式、完善考核评价制度、大力发展权益类基金、守牢风险底线、强化监 管执法、促进高质量发展等六方面提出了25条改革措施，着力引导行业机构努力实现从"重规模"向"重 投资者回报"转型，形成行业高质量发展的"拐点"，加快建设一流投资机构。 具体来看，《行动方案》全面建立以基金投资收益为核心的行业考核评价体系，将业绩比较基准对比、 基金利润率等直接关乎投资者利益的指标引入考核体系。 《行动方案》既涉及公募基金行业机构内部产品设计、投资运作、市场推广等方面制度机制的改革调 整，也涉及行政监管、行业自律等方面制度机制的优化完善。记者了解到，文件中涉及的改革举措，需 要20余件配套规则细化落地，中国证监会已逐一制定各项政策举措的落实时间表，后续将把握好改革推 进节奏，成熟一项推出一项。 强化业绩比较基准约束作用 5月7日，中国证监会发布《推动公募基金高质量发展行动方案》，通过全面深化改革，强化公募基金行 业与投资者的利益绑定，增强公募基金投资行为的稳定性，提升公募基金服务投资者的能力，发展壮大 权益类公募基金，进而更好发挥行业功能。 建立浮动管理费收取机制 "对主动管理权益类基金，推行与基金业绩表 ...

Group 1 - The Polish central bank has lowered the benchmark interest rate to 5.00%, down from a previous forecast of 5.25% [1]

证券研究报告 | 金融工程 gszqdatemark 2025 07 01 年 月 日 量化分析报告 "薪火"量化分析系列研究（五） 如何利用 DeepSeek 辅助降低跟踪误差 研究背景：证监会于近期发布了《推动公募基金高质量发展行动方案》，基 金管理者未来或将更加重视基准，锚定基准创造超额收益。本篇报告结合 上述热点话题，探索 DeepSeek 能否辅助基金管理者降低产品相对于基准 的跟踪误差。具体地，本报告首先利用 DeepSeek 的联网搜索、深度思考 功能给出降低跟踪误差的方案，接着按照其给出的方案，要求 DeepSeek 设计策略落地方法及组合构建代码，展示对应方案下组合的改进效果。 方案①：核心卫星化，增加基准成份股权重 DeepSeek 给出的最容易实现降低跟踪误差的方法为核心卫星化：拿出部 分仓位直接配置基准指数，剩余仓位进行主动管理。针对核心卫星化方案， DeepSeek 给出了通过网格搜索法获得最优参数、构建组合的代码。此外， 针对基准指数成份股太多、较难完全复制的问题，DeepSeek 进一步给出 了基准指数替代组合的构建方法。 方案②：行业中性化，专注于选股打败行业指数 作者 分析师 ...

Core Viewpoint - A Reuters survey indicates that 10 out of 11 economists expect the Bank of Israel to maintain the benchmark interest rate at 4.5% on Monday, while one economist anticipates a 25 basis point cut to 4.25% [1] Group 1 - 10 out of 11 economists predict the Bank of Israel will keep the interest rate unchanged at 4.5% [1] - 1 economist forecasts a reduction of 25 basis points to 4.25% [1]

预计下半年出口同比下降逾10%。 希望泰国央行下调基准利率，管控泰铢汇率。 泰国商业团体：贸易谈判不太可能很快结束。 ...

Core Viewpoint - The article discusses the implementation of the Administrative Penalty Discretionary Standards by the Shanxi Provincial Department of Commerce, aimed at standardizing the exercise of administrative penalty discretion in the province [3]. Group 1: Administrative Penalty Discretionary Standards - The new standards are effective for five years starting from the date of issuance, replacing the trial version that was implemented on February 1, 2023 [3]. - The standards outline various illegal behaviors, the corresponding legal basis for penalties, discretionary circumstances, and factors influencing the penalties [4]. Group 2: Specific Violations and Penalties - For foreign investors or foreign-invested enterprises failing to report investment information as required, penalties range from CNY 100,000 to CNY 500,000 depending on the severity and whether the violation is repeated [4]. - Penalties for unauthorized recycling of scrapped vehicles include fines ranging from CNY 50,000 to CNY 100,000, with additional measures such as confiscation of illegally obtained scrapped vehicles [6]. - The standards also address violations related to auction activities, with penalties including fines from CNY 10,000 to CNY 30,000 for failing to comply with auction regulations [7].

美联储主席杰罗姆.鲍威尔重申，关税影响预计将在未来几个月的通胀数据中显现，但他也承认不确定 因素依然存在。鲍威尔周二在央行领导人讨论会上说，"我们正在关注，预计夏季会看到一些更高的数 字"。但他补充道，关税影响有可能"高于或低于预期，到来的时间可能早于或晚于预期"，政策制定者 对这些有心理准备。尽管特朗普就降息施加强大压力，但美联储今年迄今未改变其基准利率。(新浪财 经) ...

央视新闻指出，7月9日是美国政府暂停征收所谓"对等关税"90天的截止期限。新近消息显示，欧盟正努 力赶在这个"关税大限"到来前和美国达成贸易协议，避免关税战升级。 美东时间6月30日周一，媒体援引知情者的消息称，欧盟愿意接受与美国签署的贸易协议包括，让美国 对许多进口自欧盟的产品征收10%的所谓基准关税，但希望美国承诺，降低对药品、酒类、半导体和商 用飞机等关键行业产品的关税。 知情者称，欧盟还敦促美国，给予欧方配额和豁免，从而有效降低美国对汽车及汽车零部件征收的25% 关税，以及对钢铝征收的50%关税。 若上述消息属实就意味着，欧盟愿以接受美方当前10%的基准对等关税，换取降低关键行业的关税、以 及对汽车和钢铝行业关税的豁免。 据新华社，特朗普4月2日宣布开征所谓"对等关税"，引发美国金融市场暴跌。在多方压力下，特朗普又 在4月9日宣布暂缓对部分贸易伙伴征收高额"对等关税"90天，但维持10%的"基准关税"，同时威胁美贸 易伙伴需在7月8日前完成与美谈判。 欧盟委员会负责贸易和经济安全等事务的委员、欧盟的首席谈判代表谢夫乔维奇周一表示，本周二在土 耳其会谈后，他将前往华盛顿，寻求周三和周四与美国贸易代表格里 ...